Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2894%/8h= +316.9% APRpaid last 24h +0.234%

Price spread now: Kraken Futures against Binance+0.257%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$1051.050% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.770%+$77 on $10k

Price spread, last 4 days (all we have)−0.258%−$26 · spread now +0.257%, 7d avg +0.116%

Together, before fees+0.512%+$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$87 a day on $10k at the current rate, and Kraken Futures is 0.141% dearer against Binance than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.116%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.770% in total (about 40.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance 1000BONKUSDT	0.000003597	0.0100	pay 0.0050% / 4h	1h 19m	$18.5M	$80.2M	75x
Short	Kraken Futures PF_BONKUSD	0.000003606	0.2994	get 0.0374% / 1h	19m 21s	$222K	$222K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.257%Rate

Funding earned: $607.71
Price spread: +0.257% → +0.116%: $14.1
Slippage, 4 orders: −$84.96
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $516.85
Costs to cover: 1.050%
Break-even: 1.0 days

Slippage from Binance: live order book, 8 min ago; Kraken Futures: live order book, 23 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Binance live order book, 8 min ago	1.38 bp	12.3 bp −$12	30.0 bp −$300	167.3 bp −$16.7K	doesn't fit
Sell Kraken Futures live order book, 23 min ago	23.37 bp	34.3 bp −$34	79.1 bp −$791	doesn't fit	doesn't fit

BONK on 31 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International 1000BONK-PERP-INTX	−0.0016%	1h	0.000003582	−0.417%	$45K	$62K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003599	+0.067%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003602	+0.144%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.980%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003592	−0.141%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003588	−0.250%	$54K	$123K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003599	+0.049%	$60K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003599	+0.055%	$119K	$139K	10x	as long as short
Binance 1000BONKUSDTlong	+0.0100%	4h	0.000003597	long leg	$18.5M	$80.2M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003588	−0.250%	$12.4M	$24.7M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003592	−0.139%	$3.0M	$13.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003591	−0.167%	$956K	$3.4M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003598	+0.028%	$11.8M	$9.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003596	−0.034%	$3.1M	$10.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003588	−0.250%	$4.6M	$4.7M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003595	−0.056%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003598	+0.024%	$341K	$147K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003596	−0.028%	$61K	$707K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003589	−0.223%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003598	+0.028%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003592	−0.139%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003614	+0.472%	$102K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003591	−0.164%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003588	−0.250%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0122%	4h	0.000003608	+0.306%	$1.1M	$19.3M	75x	as long as short
Lighter 1000BONK	+0.0136%	1h	0.000003605	+0.222%	$251K	$747K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−16.597%	$548	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0307%	1h	0.000003591	−0.167%	$25K	$165K	10x	as long as short
Hyperliquid kBONK	+0.1266%	1h	0.000003600	+0.083%	$12.4M	$7.9M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1745%	1h	0.000003613	+0.445%	$56K	$23K	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.2994%	1h	0.000003606	+0.257%	$222K	$222K	50x